FX.co ★ EUR/USD

Last week, the quotes of the currency pair EUR/USD were able to significantly improve their positions to the north, breaking through and updating the pair's existing maximum at the level of 1.1680, and ultimately rising almost a figure higher, reaching the level of 1.1760. The EUR/USD pair has not moved higher yet, but it was not required to do so, as continuous growth is not sustainable, and it is necessary to take breaks from time to time, going into a correction phase to alleviate the overbought conditions of this currency pair. On Friday, the bears attempted a downward movement, but it was weak as they only managed to reach the level of 1.1715, and even from there, the price quickly bounced back up. The Stochastic indicator has also turned upwards, so I expect the EUR/USD to continue rising in the new week. However, it is unclear whether this will happen from the current levels or after a new test towards the support at 1.1715. Ideally, it would be preferable to see a further decline, at least towards the area of the breached maximum at 1.1680. If the EUR/USD pair does reach that level, it should be bought from there with a target of reaching the 1.18 level.